The National Enquirer has been marketed to the former head of the airport newsstand firm Hudson News following a rocky year where the tabloid was accused of burying tales which might have hurt Donald Trump’s 2016 effort.
Tabloid proprietor American Media said Thursday it plans to sell the supermarket to James Cohen. Financial terms were not immediately disclosed for the deal, which comprised the world two American Media tabloids and the National Examiner.
American Media stated last week that it needed to get out of the business to concentrate on its other surgeries that include broadcast stages and its brand.
American Media admitted it had paid $150,000 to keep former Playboy model Karen McDougal quiet about an affair with Trump. Trump has denied an event.
The sale could end a connection between the National Enquirer and Trump. Under the aegis of American Media CEO David Pecker, the tabloid has for years buried potentially embarrassing tales about Trump and other favored stars by buying the rights to them and never publishing in a clinic known as”catch-and-kill.”
The Associated Press reported which Pecker kept a safe in the Enquirer’s office that held documents including those between Trump, on buried stories.
Whether James Cohen has any allegiances isn’t clear. While he was a registered Republican as late according to Nexis documents, he has contributed to Democrats and Republicans. That included $17,300 in 2016 to the Republican National Committee at 2012 into an arm of the Democratic National Committee and $ 2,500.
News of the sale comes two months after Amazon chief Jeff Bezos openly accused of that the National Enquirer of trying to blackmail him by threatening to release explicit photos of him.
An American Media lawyer denied the bill, however, it jeopardized big legal prices by upending American Media agreement in the money case. The AP reported that prosecutors were looking into if the publication violated provisions of their agreement, which included a promise to not break any laws.
A number of recent acquisitions have been funded by it with cash and continues to be struggling with a heavy debt load. American Media said the Cohen deal would help reduce the amount it ought to repay, leaving it with $355 million in debt.
The Washington Post, that previously reported the sale, said Cohen will cover $100 million from the offer.
The family of cohen had run a magazine and newspaper distributor for decades before his father branched into newsstand shops in 1980s, starting with a one at LaGuardia Airport. Before he died in 2012, over 600 stores had opened.
Following the departure, James Cohen’s niece alleged that her uncle had cheated her out of her inheritance. She dropped the case.
The family sold a vast majority stake about a decade back. The business is owned by Dufry, an operator of stores where James Cohen is a significant shareholder.
Cohen possesses Hudson News Distributors were called by a magazine and paper distributor. Moreover, he conducts a property developer and also a firm, which possesses an art Gallerie and design magazine.
Cohen has been involved in American Media prices before. The New York Times reports , in 2011, Cohen invested in the organization’s American version of OK! , a British tabloid.